If you don’t contribute the maximum amount one year, your next year’s contribution room increases by the remaining amount. Withdrawals from your TFSA will be added to your contribution room at the beginning of the next year. This makes the TFSA a great savings choice.

Why choose an Outlook TFSA?

Choose options that work for you. Outlook TFSAs are available as a High Interest Savings Account, with maximum flexibility, or as a GIC, with exceptional interest rates, different terms, and interest options. If you're starting small, start saving your money in a TFSA High Interest Savings Account and, when you reach a minimum of $1000, transfer into a TFSA Cashable GIC account for even higher interest.

TFSA Cashable GIC

Be worry-free with both your TFSA deposit and interest 100% guaranteed without limit.

Choose from 1 to 5 year Guaranteed Investment Certificates with Outlook’s great rates – higher than most conventional financial institutions.

You can withdraw from your TFSA GIC at any time, so you’re secure in knowing you have the money if you really need it. The minimum withdrawal amount is $1000. You must maintain a minimum balance of $1000, or you have the option to cash your entire TFSA GIC at the early withdrawal rate. Withdrawals from TFSA Cashable GICs made prior to the maturity date will earn the early-withdrawal interest rate on the funds withdrawn, calculated back to the date of deposit.

Take advantage of an early start – the minimum deposit for Outlook TFSA GICs is only $1000.

TFSA High-Interest Savings Account

Be worry free with both your TFSA deposit and interest 100% guaranteed without limit.

Maintain maximum flexibility. With the High-Interest Savings Account, your money is always available to you.

Benefit from competitive rates which are consistently higher than most conventional financial institutions.

Get interest that’s calculated daily and paid monthly back into your savings account.

No maintenance fees, and no minimum balance.

Use your TFSA High-Interest Savings Account to build the $1,000 required for a GIC, and then transfer your money into a TFSA Cashable GIC for even greater returns.

Information about your TFSA is available any time through Online Banking as well as e-statements which are produced twice yearly in January and July.

TFSA withdrawal and contribution update

You can withdraw funds at any time, for any reason, provided they are not locked in a term deposit which hasn’t matured, or held as security for a loan. While a TFSA is flexible, it is different from our high interest savings account. The most important thing to remember is that when you make withdrawals from your TFSA account the money cannot be recontributed until at least the following year. There is also a contribution limit on your TFSA.

To make a TFSA withdrawal you can transfer funds between your accounts via Outlook Financial mobile app or online banking. You can also complete a tax free savings plan withdrawal form.

Note: Interac e-Transfers are not available on TFSA’s. Withdrawals and contributions to your tax free savings account must be processed through your Outlook high interest savings account first